CURRENT AFFAIRS

Detailed explanation-1: -State Bank of India joined its private sector rivals to launch contactless credit and debit cards using latest near field technology (NFC).

Detailed explanation-2: -ICICI Bank has launched the country’s first contactless debit and credit cards on 7 January, 2015.

Detailed explanation-3: -Industrial Credit and Investment Corporation of India (ICICI) Bank launched the country’s first-ever ‘contactless’ debit and credit cards. These cards will give the customers to make electronic payments by waving the cards near the merchant terminal instead of dipping or swiping.

Detailed explanation-4: -Called the SBI inTouch cards, these contactless debit and credit cards are more secure and hassle-free to use at merchant outlets or ATMs and use the NFC technology which enables users to make payments by waving or tapping the card near the contactless reader instead of swiping or dipping it.